Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-03
VIRGINIA'S DEBT.
Sir Edward Thornton Fails to Secure Set
tIement Of the Bond Question.

Sir Edward Thornton Fails to Secure q Set
tlement of the Bond Question.
WASHINGTON, June 2.-Sir Edward
Thornton is quite discouraged with the
ourloOk of arranging a settlement with the
State of Virginia for the money it owes the
English bOl.dholders. In conversation with
the Baltimore SWn's Washington CORE
spondent, he said that the better class of
the people of Virginia favor an honest ad-
iuStment of the debt, hut this class is over
powered by the political forces. The Dem
ocrats are divided on the subject, while the
Republicans are united. So far as the pol
iticians are concerned, Sir Edward
says he has hut little faith in the
promises made by either party, although
he inclines to the view that the
more intelligent class of people in Virginia
are to be found in the Democratic party,
while the Republican party is made up
almost entirely of the COlo:ed people and
the designing whites who lead them. The
latter promise 10 do the right thing after
the next presidential election, in case the
Republican party is victorious. What they
will consider the right thing after the elec-
tiOn is over, in case they should be sue
! cesStul, depends upon circumstances. The
Democrats are badly frightened over
Mahoneism, and they do not know just
which course to pursue in this matter to
get advantage of him. They have all the
money and all the power at present, yet
they hesitate TO act IN accordance with the
Judgment Of the best people i'll
the State. Sir Edward says
he has concluded that the joint committee
OF the Virginia Legislature who consulted
with the English representatives had no
intention Of making a proper settlement,
and many of them used the opportunity TO
manufacture political capital for them
selves, and several OF them went out and
made speeches for the public while the ne
gotiati0ns were pending. He says the Vir-
ginians have injured their credit all over
the world by their action in this matter,
and they are to-day required to pay a
higher rate of interest for money than they
would be had they made an effort even to
pay the interest on their debt. No foreign
country will lend them money now on any
terms, and rs consequence the people OF
the State have to bear additional bur
dens. The last proposition made by
the bOndholders was considered fair and
Just by all fair minded people in this
country and abroad, yet it was rejected,
either because the Virginians do not intend
to come To terms or because they did not
see the force of the argument that 1t
would be greatly to the advantage TO have
the option of redeeming the principal Of
the consol and ten-forty debt at the rate Of
seventy five cents on the dollar. The
bOndhOlders offered TO compromise on the
basis of thirty millions, and the Plr-
ginians placed their total at twenty-Odd
millions. I'VE would have accepted this
latter proposal, " said Sir Edward, had it
been accompanied by the cash, but we
could not consent to fund it. The Viz
ginians claim they are poor, and cannot
afford to pay the debt, no matter how will
ling they might be TO do 50. If they would
only make an effort to pay the interest on
the debt, that would be taken as an act Of
good faith, and their credit could thus be
restored, and they could borrow all the
money they need"